Economists are Damaging Your Future, Episode #3 : When You Lose Your Job, Your Expenses Also Stop

Establishment Economists (mostly those with PhDs) are unusually unsuited for the role that society believes they serve. This playlist will chronicle their many failures, from comical to frightening.
PhD Economists face no penalties for being wrong, and the vacuum between their hypertheoretical world and the real world leads to amusing levels of hubris.
Olivier Blanchard : en.wikipedia.org/wiki/Olivier...
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#paulkrugman #Economists #Inflation

[@Johnny-bm7ry]

Interesting how economists saying increasing unemployment is necessary to bring down “inflation” never offers to volunteer themselves 🤷🤷

[@KartikGadaATOM]

That is in fact the point. Deciding whether regular people should have jobs or not is to them no different than mowing the lawn. Most of them are in academia and have tenure. The strongest case against tenure is PhD Economists.

[@SpykerSpeed]

Jobs are deflationary, because they increase supply of goods and services. This should be common sense. Millions of people losing their jobs means supply of goods and services fall, which means higher prices.

[@KartikGadaATOM]

Yes, but PhD Economists are in a category by themselves. They are the type of people who would think cutting off an arm to lose weight is a good idea if a textbook said so.
Even if the goal is to 'reduce demand', if only 20% of expenses are discretionary, reducing jobs does very little to reduce demand, even as the human costs are high. That is before we get into the fact that poorer people have no discretionary spending, and that software has infinite supply. There is just so much wrong with this belief (which is a universal belief among PhD economists) that it boggles the mind that these people make decisions that affect everyone.

[@KartikGadaATOM]

It is also why welfare vs. govt. spending, and govt jobs, are inflationary in a way that private sector jobs are not.

[@danzopff9913]

Let’s not forget much of the inflation in the last 3 years has been a result of government policy. Energy policies alone, but also interest rates, foreign trade and massive, misdirected government spending and more.

[@KartikGadaATOM]

Oh yes. Excessive welfare via deficit spending.
It all cancels out with proportional lower-inflation periods that are on the horizon.
Plus, oil was $50 before the Ukraine War. Now it is $80. The GSCI is still in deflation, but it could be even more so.

[@synsynsy]

I can't see all comments.

[@KartikGadaATOM]

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